Netflix – Looking towards 2025

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Netflix – Looking towards 2025

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Netflix – Looking towards 2025
Netflix had an excellent first quarter in 2020 with the tail end encompassing lockdown and likely eliminating churn, as usage exploded
Looking forward, there are lessons to be learnt from Netflix's performance in the US market, which is maturing and stabilising: we model strategy around pricing, content spend and subscription-tier mix
However, differences in other markets remain stark—such as the varying propensities to absorb price rises, and the attachment to locally-produced content


Part 1: Netflix and COVID-19

Part 2: Netflix towards 2025—using the US as a guide

US lessons for the UK

List of charts/tables

Figure 1: Netflix US quarter-by-quarter paid subscriber growth

Figure 2: Netflix domestic scenario modelled outcomes, Q4 2025

Figure 3: Estimated impact of price rises on domestic subscriber growth (m)

Figure 4: Estimated proportion of US Netflix subscribers for each tier

Figure 5: Proportion of content assets, licensed vs produced

Figure 6: Customer Acquisition Ratio* of Netflix subscribers

Figure 7: Netflix bond maturity dates, at par ($m)

Figure 8: Netflix by territory, Q1 2020

Figure 9: Netflix UK year-on-year subscriber growth